- Telegram gears up to auction usernames using TON blockchain.
- The founder of Telegram Pavel Durov introduced this idea two months ago.
- Earlier, TON was abandoned by Telegram after a lawsuit from US SEC.
The messaging app Telegram announced on its official channel that it will soon auction usernames on a platform based on the TON blockchain. The idea was introduced by Telegram founder Pavel Durov two months prior and the messaging platform has revealed the development phase is now over.
The idea behind the announcement made live to over 700 million users was conceived in August 2022 with the goal of “a new platform where username holders could transfer them to interested parties in protected deals – with ownership secured on the blockchain via NFT-like smart contracts,” according to Durov.
Durov came up with the idea after observing the success of domain name auctions by TON, which was a layer-1 blockchain developed by his team. He emphasized how he wanted to create a new marketplace that has the potential to become a sought-after web3.0 service. He also introduced additional elements from the Telegram ecosystem, including channels, stickers, and emojis
The Open Network (TON) blockchain was originally designed by Telegram alongside its messaging portal. However, after receiving a lawsuit from the US Securities and Exchange Commission (SEC), the project was abandoned in August 2020.
Nevertheless, founder Durov was enthusiastic about TON and encouraged all efforts to keep it alive. The developers of the TON ecosystem thereafter created the TON foundation.
Moreover, following the news of telegram offering usernames on the blockchain, TON’s native coin Toncoin experienced a 9% jump, trading at $1.34 in the last 24 hours.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
